TUESDAY'S special supplement ('The Enterprise 50 Awards 2009') listing the winners of Singapore's most enterprising firms reveals a glaring absence.

Most of the winning companies are in retail and distribution businesses (27 per cent) or engineering service (14 per cent). A significant number are in traditional manufacturing, such as heavy machinery and chemicals.

I could not find a single company in the high-tech industry.

After spending so much money and effort in promoting Singapore as a knowledge-based, technology-driven economy, we have yet to see enterprises that stand out in high-tech.

What are the problems?

There is no lack of government support; at least the amount and range of financial support for start-ups seem abundant. Is it because of Singapore's risk-averse culture? Perhaps.

But that should not be an excuse not to take action.

There are other problems in the research area that present hurdles for successful spin-offs.

Most researchers here are foreigners. They are generally hard-working and publish good works regularly. However, the irony is that because they work so hard, they often have a limited social network.

Doing good science requires brains, but doing business is more about networking and knowing the right people who can catalyse the transformation of innovations to products. The fact that many researchers come from another country may limit their ability to capitalise on research results and bring them to the market.

One need look no further than the huge number of patents filed by A*Star - one institute filed no fewer than 700 patents in less than six years - and the relatively small number of successful spin-offs that emerge.

The Government has recognised this issue and Exploit Technologies - the commercialisation arm of A*Star - is doing a good job promoting the technopreneur culture and commercialising some innovations coming out of A*Star. But what else can be done?

Nevertheless, there are reasons to be optimistic. With 1,000 A*Star scholarship holders returning from overseas in the next couple of years and more local students going into research, the research and entrepreneurial cultures are likely to change.

Their experience and local network will help in their technopreneur adventures. Then we may see a more dynamic entrepreneurial culture, perhaps matching the calibre of Silicon Valley.

Zheng Guangyuan

This article was first published in The Straits Times.